FAQ's

Frequently Asked Questions

Payment processing can be a little confusing. Don't worry. You're not alone. Below is a list of frequently asked questions to help clear the confusion. If you need additional information, please call us toll free at 888.399.1462 or locally at 609.961.0139 or send us an email at info@shoresecurityandfinancial.com.

Why do I need a merchant account?

What are the benefits of setting up a merchant account?

How do I know if I'm getting the best pricing?

I am not happy with the service from my current provider. Is it possible to change?

If I switch, will I need new equipment?

How is the bankcard industry structured?

What exactly are MasterCard and Visa?

What types of business do you accept?

What if I have bad credit?

How long does it take to get approved?

What are the advantages of accepting credit cards online?

I'm not sure what terminal, equipment or software is best for my business

Do I need a bank account to accept credit cards and does it have to be a business checking account?

What is a charge back?

How do I avoid charge backs?

I do retail charges through a terminal, now can I do e-commerce and have the funds go into the same checking account as the retail funds?

What equipment can I take checks with as well as credit cards?

What are my requirements to open a merchant account?

Are the transactions and funds secure?

I just opened a business. What is the first step in getting a merchant account so I can accept credit cards?

 

Why do I need a merchant account? [Back to Top]


If you own any type of business, you need to be able to accept as many forms of payment from clients as possible. The ability to accept multiple forms of payment like credit and debit cards, EBT, gift cards, and checks over the phone or Internet to name a few, allow your business to turn a higher percentage of potential sales into real sales. You need a merchant account in order to accept these different types of payments f rom custo mers.

What are the benefits of se tting up a merchant account? [Back to Top]

Accepting credit cards can increase your sales potential. There are over 75 million customers in the United States alone. Three out of four people use credit cards for their online purchases and this new group of consumers is growing exponentially each year. It is a proven fact that accepting credit cards increases sales.

How do I know if I'm getting the best pricing? [Back to Top]

Here are two simple points of comparison. First, ask different pro cessors to show you their schedules, including all fees and the discount rates you will be charged. Then, ask them what kind of support and customer service they provide. These two factors will go a long way toward helping you decide which processor is best for you.

I am not happy with the service from my current provider. Is it possible to change? [Back to Top]

Yes. Poor or no service is often the key factor in deciding to leave your current merchant account provider. Equally important however is pricing. As the industry changes so do service offerings and pricing. In order to insure you are able to provide the latest services to your customers and make certain that you are getting the best pricing available on equipment and fees, it is often necessary to request pricing comparisons and change your provider. IRN offers a free rate analysis comparison. Take advantage of this service. When you are ready to make a move, we'll ensure that the switch is easy and seamless, executed with a minimum of downtime. Call us toll free at888.399.1462send us an email to request your free rate comparison analysis and/or to change providers if you're ready.

If I switch, will I need new equipment? [Back to Top]

Probably not. We can reprogram most terminal types and software to work with our solutions. If you don't currently have a terminal, we offer many types of equipment and competitive purchase or lease options.

How is the bankcard industry structured? [Back to Top]

The bankcard industry has two sides: the card-issuing side, and the merchant processing (or "acquiring") side. VPS is on the processing side, in which member banks, their registered agents and other registered third parties make it possible for merchants to accept credit cards. The various functions include sales, service, "front-end" processing (providing merchants with the means to authorize, capture and submit data), and "back-end" processing (which includes settlement of funds and bookkeeping).

What exactly are MasterCard and Visa? [Back to Top]

MasterCard and Visa are associations of member banks. The associations set the rules and regulations under which member banks and t heir agents must operate. They also develop, promote and manage the MasterCard and Visa brands, and operate the systems through which member banks clear and settle transactions.

What types of business do you accept?[Back to T op]

We accept retail, professionals, trade shows, mail order, telephone order, Internet based and home based businesses and high risk.

What if I have bad credit? [Back to Top]

With our 99% approval rate you are likely to get approved, even if you have bad credit.

How long does it take to get approved? [Back to Top]

Most accounts are approved in one to two days. Once approved, we wi l l inform you of your acceptance and ship your credit card terminal immediately.

What are the advantages of accepting credit cards online? [Back to Top]

Accepting credit cards online will boost your sales. Studies have shown that businesses that only offer the option of sending in a check or money order often lose sales. Also, it fosters trust with your customers if you appear to be a legitimate business. Plus, the money is automatically wired into your bank account.

I'm not sure what terminal, equipment or software is best for my business [Back to Top]

Shore Security & Financial serves traditiona l and Internet businesses, as well as mail order/telephone orde r and home-based businesses. We have the payment solution to support your processing needs whether you are starting a new business or expanding an existing one whether it is a traditional business or an eCommerce venture.

Do I need a bank account to accept credit cards and does it have to be a business checking account? [Back to Top]

Yes, you do need a bank account, which would be necessary to receive funds from your customers. Yes, it does have to be a business account.

What is a charge back? [Back to Top]

A charge back is when a customer receives their credit card statement and does not agree with the charges applied. The customer can either call the merchant or get a return on their merchandise or they can call their bank and issue a charge back against the charge.

How do I avoid charge backs? [Back to Top]

You can avoid charge backs by having a business checking account. If you have a website, place the doing business as name on the site. This will look more familiar to a customer when they receive their statement in the mail. We can also place your toll free number on the statement next to your charge, that way the customer calls you instead of the bank and you can simply return the goods.

I do retail charges through a terminal, now can I do e-commerce and have the funds go into the same checking account as the retail funds? [Back to Top]

Yes, but you need a new merchant number that complies with e-commerce discount rates.

What equipment can I take checks w ith as well as credit cards?Back to Top]

The re are a number of terminals on the market that can accept checks, credit cards, gift cards, and debit cards. Depending on your particular application, you may also choose to have a separate check reader.

What are my requirements to open a merchant account? [Back to Top]

All merchants must have a US bank account with a business checking account.

Are the transactions and funds secure? [Back to Top]

Yes, all products use A.V.S (address verification) among other up to date security methods and all transactions and funds are processed in a secure environment.

I just opened a business. What is the first step in getting a merchant account so I can accept credit cards? [Back to Top]

Call us toll free at 888.399.1462 or locally at 609.961.0139 to speak with one of our customer service representatives, or email us at info@shoresecurityandfinancial.com. After we've reviewed your information, a Shore Security & Financial sales agent will contact you as well as assist you in fi ll i ng out an application. We will also send you out a Merchant Starter Kit for Free .